Question

If I file my federal return one day after the tax deadline, will I have to pay a tax deadline penalty or interest?

Answer

If you owe tax, you usually will. However, you won’t pay a late taxes penalty or interest if you’re:

  • Receiving a refund
  • Outside the country while serving in the military
  • Living in a federally declared disaster area

If you have a balance due, the IRS can assess both of these:

  • Late-filing penalty — 0.05 of the balance due per month up to 0.25
  • Late-payment penalty — 0.0005 (or part of a month), up to 0.25 of the tax due

The IRS charges interest on unpaid tax from the return’s due date until the date of payment.

Related Topics

Related Resources

If a business operates without paying taxes, what possible irs business tax penalties does it face?

If a business doesn't pay taxes, what will the IRS do? Learn about penalties for businesses and get tax answers at H&R Block.

IRA Rules And Early Distribution Penalty

Learn more about the IRA Tax Rules and if there will be an early distribution penalty from the experts at H&R Block.

I was covered by my parents’ health insurance until September 2017, and then I enrolled in my own health insu

Learn more about the health insurance penalty and what fees you risk incurring with advice from the tax experts at H&R Block.

New IRS Process for ITIN Renewal | H&R Block

There's a new IRS process for those that have an expired ITIN. Here is some information from H&R Block that you need to know before your ITIN renewal.